Credit Card Accountability, Responsibility and Disclosure Act of 2009

The U.S. Congress passed The Credit Card Accountability, Responsibility and Disclosure Act of 2009 effective August 20, 2009. The Valley Isle Community FCU has made the necessary changes to comply with this Act. You, asa member of VICFCU, were NOT adversely affected in anyway. Here are some key points to the Act:

Periodic statements must be provided at least 21 days in advance before the payment due date for all open-end credit.

Loans affected at VICFCU are: Credit Cards, Overdraft Lines of Credit, Home Equity Lines of Credit (HELOC), Share Secured, New and Used Auto Loans and Open End Loans.

To comply with the regulation, all existing and future loan due dates will be changed to the 28th of each month beginning September 2009, except for credit card accounts, which will receive a separate monthly statement with the due date indicated on the statement. This will enable the monthly statements to be in compliance of the 21 day rule. Note however, that interest will continue to accrue.

Any past due amounts should be paid immediately.

All bi-weekly, weekly, semi-monthly dues dates will be changed to a monthly due date.

Your automatic payments will continue to be processed as usual through payroll deduction or automatic transfer. Paying early will reduce the amount of interest that is owed.

Your payments and status will not change and the impact to you should be very minimal!